The car company describes these results as ‘historic’ and has confirmed an investment of 1.5 billion euros until 2025.
The Basque company CIE Automobile has ended 2023 with a net profit of 320.2 million euros, which amounts to 6.7% more than last year (2022).
In a note, the car company described these results as ‘historic’ and stated that these are ‘excellent’ figures that make it ‘one of the most profitable companies in the sector’.
CIE Automotive closed last year with a turnover of 3,959.5 million euros, 3.1% more than in the same period in 2022, with an EBITDA – gross operating profit – of 713.2 million, 12.6% higher, and an EBIT ( net operating result) of 527.7 million, which represents a margin on turnover of 13.3%. In addition, it has achieved an operating cash flow of EUR 447.4 million.
CIE Automotive CEO Jesús María Herrera described the results as “excellent,” “despite the negative impact on currency conversion and the sharp increase in interest rates.”
Given the company’s good prospects for the coming years, CIE Automotive has a investment from to 1.5 billion euros until 2025.
After learning about the results, the auto parts company’s shares rose by more than 2% on the stock market.
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
